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The Colorado real estate commission approved listing forms provides for? The broker to disclose any adverse material facts about the property.
Colorado's Disclosure Laws. Colorado state statutes require that sellers of residential property disclose the following to buyers: That the property might be in a special taxing district, and where the buyer can go to find out whether the property is, in fact, within such a district.
The Four Common Types of Listing Agreements There are four common types of listings: open listings, exclusive right to sell listings, exclusive agency listings, and net listings.
Residential sellers and real estate brokers in Colorado have a duty to disclose any defect known to them that would materially affect a buyer's decision to purchase the property. Failure to disclose defects may result in legal liability.
In order for square footage to be counted in the total, the area must be heated and habitable. Attic space is counted if it is finished and heated. If the ceiling is sloping, square footage is counted for areas where there is at least a five-foot ceiling clearance.
The purpose the Square Footage Disclosure is to tell how the property was measured or the source of measurements if the listing broker did not measure the property.
With exclusive right to sell, the broker has the exclusive right to market the property and receive a commission regardless of who procures the buyer. With exclusive agency, the owner retains the right to find a buyer and sell the property and owe the exclusive broker no commission.
In every residential sales transaction, a Square Footage Disclosure form is required to be completed and signed by both the Seller and Buyer.